Justin age 42 had the following items of income -earnings, Ask an Expert

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Justin, age 42, had the following items of income: -Earnings as a general partner in a partnership of $400 -Workers compensation of $600. Gambling losses of $200. -Distribution from profit sharing plan of $1,500. -Wages from an S Corp of $2,000. -Income from Municipal Bond Portfolio of $100,000. Since he does not have a retirement plan available at work, Justin also contributed $1,000 to his Roth IRA during the year. What is the maximum deduction Justin can take for an IRA contribution for this year?

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Financial Management, Finance

Category:- Financial Management
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